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IRAs

"Employees know what they are doing. Fast service every time."

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    Federally insured

  • Retirement security

    Build wealth to tap into later in life

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The IRA advantage

An IRA (Individual Retirement Account) lets you save money for retirement tax-free until you are ready to withdraw it. You can set a fair amount of money aside each year and watch it grow. All withdrawals are taxable.

We currently have traditional IRAs available, as well as an IRA certificate of deposit (CD), which lets you earn a higher rate in return for leaving your money untouched. We are currently paying an annual percentage yield of 0.30% on IRA savings accounts. For IRA CDs, see our rates for regular CDs. If you’re interested in a Roth IRA, get in touch with our retirement and investment consultant.

Why choose Arsenal?

When it comes to retirement, you want a financial institution that truly cares about your well-being. We are 100 percent not for profit and member owned – which means we’re invested in your financial success, not just our own.

  1. 1

    Save your money

    Reduce the burden on your annual taxes by putting some of your money in an IRA.

  2. 2

    Grow your money

    Earn monthly interest on a traditional IRA and quarterly interest on an IRA CD.

  3. 3

    Protect your money

    IRA accounts at Arsenal are federally insured by the National Credit Union Administration (NCUA).

Start saving

When it comes to saving for retirement, the earlier, the better.

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FAQs

Use this calculator. Please note that this calculator should not be used for Roth 401(k) comparisons.
There is none for an IRA savings account, but $500 for an IRA CD.
For the 2018 tax year, the maximum contribution is $5,500. For those age 50 or older, the maximum contribution is $6,500.
A Traditional IRA can be established/funded by any individual who has taxable compensation or self employment income for the year and will not reach age 70½ by the end of the year. Note: These restrictions apply only to regular IRA contributions made for the year. There are no age limitations or income requirements for establishing a Traditional IRA for the purpose of receiving assets transferred from another Traditional, SEP or SIMPLE IRA, or for the purpose of a rollover from a qualified plan, 403(b), or governmental 457(b) plan.
Penalties may apply if you withdraw before age 591/2.

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IRAs

Rate information – The interest rate and annual percentage yield may change every quarter. We may change the interest rate for your account as determined by the credit union board of directors.
Compounding and crediting – Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account – If you close your account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements – No minimum balance requirements apply to this account.
Average daily balance computation method – Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle.
Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transaction limitations – During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or computer transfer. No more than three of the six transfers may be made by check or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.
Fees and charges – A rollover/transfer fee of $25.00 will be charged each time funds are rolled over or transferred to another financial institution.